republicans have signed on to the proposal. don't get me wrong. i love all this, but suspicious minds are sure to wonder why some in congress are getting all shook up over this idea. maybe a little less conversation and more on the fiscal cliff. that is my "2 cents more," and that's it for tonight. thank you for joining us. have a great night. we'll see you here tomorrow. ♪ lou: good evening, everybody. more than 200-point swing in the stock market today, but at the end of the days of volatile session the dow jones industrial had a triple digits gain. anxious investors worldwide, however, have been selling stock on concerns about the impending peril of the so-called fiscal cliff. president obama for his part seems utterly unimpressed by market volatility and the consequences of failure to resolve the issues of tax hikes and spending cuts that go into affect the first of the year.

as the markets were falling in the first hour of trading this morning, house speaker john maynard stood up and offered support to investors and leaders for the market. stocks stabilized and then began climbing on the speaker's expression of optimism that a deal is within reach. we will take all of that up and more here tonight with bedford open geyser ceo harvey eisen and republicans who have put tax revenue on the negotiating table , and some republicans have flat out repudiated their anti-tax increase pledge. the author of that pledge, grover norquist, here and we will ask him how it is that he came to be the villain in this piece, how it feels to be the subject of attacks from both the left and some on the right and what the future holds for those republicans who break their pledges to voters. also tonight, demonstrations for a sixth straight day in egypt. the united nations on statehood for palestinians tomorrow and

the president's spokesman says the white house is not concerned with ambassador rice misleading the public on benghazi. pillows a prize-winning journalist, a former pentagon official said among our guests. we begin tonight with that triple digit rally on wall street. the market interpreted positive statements on a potential deal on the fiscal cliff by house speaker and rebounded from what had been a 112-point slide after the morning's opening bell. the dow jones industrials reversed, as i said, on the speaker's positive remarks and finished the session up 107 points. s&p up 11, nasdaq gained 24. all ten s&p 500 sectors moved higher on the day. that is the first time it has happened since october 4th. retailers drove the consumer discretionary sector energy industrials lead in the wake, and the rally started just minutes before house speaker made it clear that republicans

are willing to deal on revenue and ready to find a resolution now. >> we all know that we have had this spending crisis coming at us like a freight train. it must be dealt with. and in order to try to come to an agreement, republicans are willing to put revenue on the table, but it is time for the president and democrats to get serious about the spending problem that our country has. i am optimistic that we can continue to work together to avert this crisis sooner rather than later. lou: meanwhile, the president to a short time later claimed he is doing his part to make certain the middle class is not hit with tax increases. >> i want to reassure the american people and doing our part, sitting down with ceos, sitting down with labour leaders, talking to leaders in congress. i am ready and able and willing

and excited to go ahead and did this issue resolved in a bipartisan fashion. i will go anywhere and do whatever it takes to get this done. it is too important for washington to screw this up. know is it's time for us to work, we all agreed to, which is let's keep middle-class taxes low. lou: the president did mention the only republican he is scheduled to meet with this week is former presidential candidate mitt romney. lunch at the white house. back on the hill, congressional democrats did not put any spending cuts on the table, but senate majority leader harry reid did embrace republicans who have turned against one of the party's most influential forces. >> one obstacle standing beyond congress and compromise, grover norquist. bullying lawmakers willing to put their oath of office and promised to serve constituents ahead of the pledge to lead this

antitax sell it. his brand of ideological extremism has been bad for congress and work for -- worse for the country. distancing themselves this week. i appreciate that very much. lou: with the majority leader's things we turn now to the man at the center of mr. reed's spewing of vitriol, of variable stream. we are joined by grover norquist , president of americans for tax reform. i have to ask you. how does it feel to be a bully of lawmakers? i like this part especially, anti-tax sell at. the logical extremists. to find yourself is really being pointed that as the problem, not part of the solution here suddenly. how do you feel that? >> well, look. harry reid had a plan. he and obama and nancy pelosi were going to spend a great deal of money, and then they were

going to turn to the republicans and say, okay. why don't you be responsible and raise taxes, put your finger prints on a tax increase to pay for our bigger government. republicans said no. harry reid has had a hissy fit for four years now, i'm happy the republicans would not raise taxes to pay for is bigger government. the problem is the american people don't want their taxes raised. lou: what i asked was how you feel? >> i am pleased as punch. harry reid, at having a hissy fit at me, he's really mad at the american people for not wanting to raise taxes. he personalizes it with me. lou: what about those folks like senator john mccain, senator lindsay gramm, senator chambliss the list goes on. i mean -- >> it doesn't go on. it does not go on. here's the good news.

all the people who last week and said we might raise taxes under certain circumstances with the same people who said that two years ago. and every news media outlet in the country has said the last week, would you like to be famous? would you like to be called important and influential? come to our tv station and announced you areefor tax increases and we will tell everyone you are important and influential. they have had no takers, for crying out loud. all of the guys for two years have said we might raise taxes are still there. how do you think these centers like being called harry reads favor republican senators? not the way to get reelected. lou: i get that. the list does go on. he said today in articulating the idea that going with the obama plan was an interesting tactic. you must let the congressman a great deal because, as you know, the white house has seized upon that.

they're going to continue the assault. the fact of the matter is, we are now moving ahead. in this discussion if you don't acknowledge that the speaker said revenue, i eat tax hikes are on the table, and i don't care whether you call them loopholes, tax expenditures, you name it. it means, as you know better than nearly anyone, higher taxes . >> okay. two things. one, i was asked today in an interview, politico, what about kohl's proposal? it was introduced to me for the first time. i said to my it sounds like an interesting tactic. awesome the normally want a tax increase. on masterwork. evidently later today the speaker made it very clear that there will be no more freelancing on this. and so i think we will see that again. i was not endorsing it. what do you think of something about which you don't know anything, that's interesting. so, no, that is not -- lou: that was an ambassador rice

moment, was it not? >> well, yes me what i think. i know. it's interesting. and did not know anything about it. lou: that's what passes for tumor on this broadcast. >> i got it. lou: the fact of the matter, there is an issue here. the issue is that there is -- there are a number of folks in the republican party on capitol hill or entertaining the idea of raising taxes by doing so as in a gesture of good faith, but being met by an intransigent posture, negotiating posture or sincere and utterly and -- this demonstration, but the fact is the idea of an incontrovertible, unbreakable pledge seems to be remote now, don't you agree? >> no. we have been here before, during the discussion for the debt ceiling increase last year. there were republicans who said, well, if we put revenue on the table, where you?

and it was very obvious, very quickly that the democrats had no interest in any spending restraint, in the entitlement reform and what the republicans thought they were doing was embarrassing the democrat. i don't think obama or the democrats are capable of embarrassment when it comes to pointing out that they just one more people's money is spent. i think that is what they do all day. i don't think this embarrasses them. some people think that is a negotiating strategy. here's the challenge. we need to focus on the fact that obama and the democrats have no plans, no intention of reform, they're just talking about tax increases. when that is obvious then the balance of power in what is going on in d.c. ships. what i have argue for a couple days is that the negotiations need to be in front of c-span cameras because the white house -- the president is out there saying to mine working on this. lou: you're losing me. i need to understand what you're saying.

sometimes i have limited comprehension. you're saying the balance of power shifts. the fact is the numbers will change only with the new congress. and if we wait until the new congress we have a balance of power that is not particularly helpful to the republicans and their position, therefore we have a fiscal clef, if you will, tax hikes, budget cuts that the incipient point is january 1st 2013, as you know. what stops this country from going into that situation? >> the danger is that obama overreaches mandate and misunderstands. four years ago he misread his mandate and he took a 70 percent approval rating and drove it down below 50 in a matter of months by spending too much money. he thought he was so popular he could do anything. lou: he did gain control of let's sixth of the economy with the obamacare committed to? i mean, he did pass some subset

of regulation of our financial industry in this country. you're not exactly easing concerns, hearts are worried about what the republicans are going to be able to do. by the way, i want to make it very clear. a person who supports entirely the idea of low taxes and maintaining that posture and certainly doing so energetically if there is no quid pro quo, significant order in spending. but what in the world by these folks to do on capitol hill? >> here is my argument. the first thing the republicans need to do is insist that the negotiations be in front of c-span so that the american people can see what obama is and is not doing. until that happens, obama can keep misrepresenting what is going on. second, they need to say %-to be on line for seven daysds said that the american people

can read it. we have those two things, the chances of being completely jammed is a greatly reduced, not down to zero, but let's get c-span cameras there. lou: i think your condition would be more difficult to negotiate and resolving those tax hikes and budget cuts themselves. it sounds to me like the republicans are in a very difficult position and a lack of strategy that will produce a resolution and that we are where we began, waiting leaders from 1600 pennsylvania. >> we are not getting leaders from the white house, not even getting participation, but that happened last time when we did this with the debt ceiling increase, the same thing happened then. lou: all right. as always, good to talk with you. thank you for being here. a lot more on these negotiations later in the broadcast. we'll be talking with the "a-team" coming right up. ♪ the president and congress

remain far apart on how to resolve the fiscal cliff. we are looking at what may be a federal government disaster. guess what, the governments are in no better shape. that's tonight's "chalk talk." triple digit gains on wall street today. the dow jones industrial rally after the speaker of the house speaks. will a drawn-out fiscal clip negotiation change in the streets direction? wall street veteran and bedford of adviser ceo joins us next. what's next?

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♪ lou: welcome back. joining us, one of wall street's most respected money managers to provide insight into what is happening in these markets and what is likely to happen as we watch the president and congress negotiate the perils of the tax hikes and the seven spending cuts that they themselves are responsible for.

harvey eisen joins us. let's turn to the money -- "moneyline" an unexpected weakness in new home sales, setting a tone for what turned out to be in-open. optimism expressed by house speaker that a dive off the cliff could be avoided turn a bad start into a triple digit rally. the dow jones industrials up 107 points, as in the 11, all sectors of the index rising today, the first time that has happened since the beginning of october. nasdaq up 24 points. the volume on the big board staying fairly -- on average. and the perils of the fiscal cliff mean -- well, they mean big bonuses for holders of some dividend stocks. there are more than a few getting a boost. get this, so far this month the record 1703 companies have announced special dividend payments. they are payable by the end of this year. that, of course, would be the expected future increase in the

tax rate on dividends that would go to 15 to 45%. tosco announcing a $7 per share dividend would get the markets' attention. the market used up a lot of that 7 percent setting the stock up $6.7 per share, payable by the way on december 6th. the stock up six 1/4%. another example a big dividend hikes to be paid before the end of the year. real estate investment company which announced a one time dividend payment, $38.30 as of december 17th. never too late to buy stocks. $29 per share payout to shareholders as of dec. fifth. the gun maker, for and a half dollar payoff to shareholders as of dec. fifth. only 25 percent, up to $0.75 payable on the 20th of

december. the yield on the treasury ten year bond slipping. joining me now, the chairman and ceo of bedford of advisers. great to have you with this. all of those to miami, delicious dividend, special dividends. >> it's christmas. why else would you expect? this is the greatest thing since the invention of the holiday. lou: it is a testament to their faith that the same time. a great expression of confidence in the company. also a great expression of no confidence of what will happen in washington d.c. what to you make of all? >> it is political theater. we went through this for years ago with a tarp and everyone said they have to pass it, they have to pass it. guess what, they didn't, and the market the swan dive. too excited tested. it will take it up to the 11th-hour.

they will make everybody sweat. lou: markets tanking. moving significantly lower. the markets in asia moving lower overnight. they are so filled with anxiety about the fiscal cliff. the speaker steps of and says, you know, i think everything's going to be ine. a triple digits rally. this is crazy. >> yes. i mean, it is incredible. there were totally distorted by the northeast. are you kidding me? lou: it's a very optimistic crowd. >> area of domestic. lou: as you pointed out, a lot of optimism surrounding tart.

the failure to create t.a.r.p., what do you anticipate happening give us your scenario as to how this will unfold. >> i really think it is political theater. the fact that with a dec. 31 deadline, christmas in the middle, doing these dances, obama is out going to tour factories. you have to be kidding. you think we do this in business? we would be in a room banging this thing out. lou: by the way, businesses banging a special dividend so that they could make that deadline. interesting that government cannot do the same thing for taxpayers. >> december has always been an up month in the market. whenever the market goes out strongly before december, december is even better. i assume we are going to be in a trading just like when i saa you the last time before the election. i think they will sweat as. i think everybody will get

scared. i think you will be an enormously wonderful buying opportunity for stocks that you like if they cause the market to go down a lot. lou: at which time can be still declare it to be christmas? >> one would hope. we have children. lou: thank you for being here. we will see how it plays out. we will hang on and keep our fingers crossed. white house spokesman says the president just is really impressed with the ambassador and does not care about the consequences of misleading the public on what happened there. we are joined in moments. and the so-called fiscal cliff dominating debate in washington d.c. a lot of talk. what about the finances in state capital all across the country? folks are kind of ignoring another source of -- well, let's say inched. take a look at some of the worst offenders in the "chalk talk"

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♪ lou: focus nationwide is on the fiscal health of the federal government, but balancing the budget is not just a federal problem, and new rankings of this week shows some of our so-called blue states are awash in red ink. tonight we thought it would be interesting to take a look at three of those states, three of the biggest with the biggest problems. number one, of course, california. we want to credit 247 wall street just naming california and the worst run state in all of the country. for a second year row. way to go. one of the reasons is the unemployment rate, a pretty impressive.

11%. the second highest rate in the country. 2006 and last year. more than a third. and 16 percent of the population in california, 16 percent of the population lives below the poverty line in the golden state. that's not all. forbes magazine, one of the worst spiral states. forbes came up with that great nomenclature. the death spiral state. named 11 of them. california right at the top. for every 100 private sector workers in california, for every hundred working in the private sector california has only 139 people dependent upon it for their employment, welfare in

some fashion. so how are they doing that in california? obviously they're not. stay voters just passed a ballot initiative that will raise sales tax and income tax for people who make at least $250,000 per year. don't worry about it. by the way, that was after the tax report foundation ranked california's business tax climate as the third worst in the country, the third worst. can you imagine next year? and let's turn to illinois. the third worst run state in all the country. in 2010 the state budget deficit was more than 40% of its general fund. 40 percent. the second highest of any state. s&p and moody's both give illinois the second worst credit rating in all of the 50 states. illinois is funded 45% of pension liability, the lowest percentage of any state. unemployment in illinois, very impressive as well.

just under 10%. they had things well in hand in illinois. is it mentioned that is a haunted the president obama? anyway, the tenth highest unemployment rate in the country. for stub's illinois a death spiral state because for every hundred private-sector workers in illinois there are 103 depending upon those private-sector workers. new york, aiming at the sixth worst death spiral state because for every 100 private-sector jobs in new york there are 107 who depend on the private sector for their -- well, their sustenance. a per capita debt of nearly $6,700. $6,700 just for the state of new york. the six highest in the country.

we have people worrying about the fiscal cliff which is worth worrying about. some of these states have gotten a massive problems. these three among them. unemployment is new york is over 8%. twenty-fourth highest and 16%, 16 percent live below the poverty line. the 22nd highest telling you how much trouble some of these states are in. all three of the states, by the way, have democratic governors and democratic lead and controlled legislature's. to you suppose that is a coincidence? republicans and democrats sparring over how to avoid a fiscal cliff. potential disaster that they created. >> and a clear majority of americans. not just democrats, but also a lot of republicans and a lot of independence agreed we should have a balanced approach. >> we all know that we have had

this been in crisis coming at us like a freight train. it has to be dealt with. lou: 33 days to go. can the president and congress fix the mess they have created? the "a-team" joins us. washington is struggling with the fiscal cliff or at least say they are. teamsters president says no deal is fine by him. we will show you why hoffa and some of his union buddies are ready to go over the cliff. susan rice apology to or on capitol hill goes on. another day of meetings with senators and more unanswered questions. >> i still have many questions that remain unanswered. i continue to be troubled by the fact that the u.n. ambassador decided to play what was essentially a political role. lou: israel, gaza, egypt, and ron, american foreign policy.

will we ever get the facts on what happened in benghazi? we are joined next.

♪ lou: the white house today said president obama is not particularly concerned whether susan rice misled americans on the attack. press secretary fired back when asked whether the president recognizes the way information about benghazi has been handled and whether that raises serious questions. >> not particularly concerned about whether the ambassador or i went out and talk about the fact we believe extremists might have been irresponsible and whether we named them as terrorists or not does not -- no, it does not have any bearing on what happened and who is reeponsible as that investigation was continuing in benghazi. lou: you have to give this white house credit, i must say.

i won't go into but we have to give them credit for, but ambassador susan rice failing to ease criticism again following meetings with senator susan collins and bob corker. joining us now, pulitzer prize-winning journalist, fox is contributor, a former pentagon official, fox his national security analyst. let's start with eight leading republican moderate, disappointed in ambassador rise performance in her meeting along with senator corker today. your thoughts. >> this is on all sides of the island a fact that this is a problem for her, i think, are really big problem. you know, the other thing, i just don't think president obama is going to do it. why? because her confirmation hearings are going to be like watergate hearings. watergate on benghazi. the talking points, mr. ambassador. to change the topic, told you to come out and say it was this fairy tale.

the second thing is, why would he use the political capital to get her concerned to macanese the political capital for the fiscal cliff, taxes, except. >> can we say bring in on our make my day? the president gave her such a strong endorsement. it would be amazing if he backed off now and did not nominate her. that would almost say that he has no confidence ii her. i think that the odds are -- no one knows what he will do. the odds are that he will go and do it. >> i think he had to support her like that because she knows too much. he has to make it sound like he is behind her nomination and then i have been in the white house. the way this works, somebody higher up goes to mass arrests and says, it's not going to work. would give you the job.

>> suggested he take care with the dnc. lou: set up that was one of the better comments. >> hillary clinton today saying she was doing a great job. >> absolutely. i cannot remember the expression . protests and egypt continue for a six the day. lou: and still in power showing no sign, at least obvious sign that he is going to weaken and allow his new-found powers to dissipate separately. what is your reaction? >> my reaction is that he drew the conclusion that i think a normal human being would draw from hillary clinton and president obama's warm endorsement of his mediation role and the gaza is real conflict. it is amazing to me that even though they have criticized him

their restraint in that criticism is really remarkable. because what the president did was throw down the gauntlet ii st., i am ferrule. their response has been lukewarm understandably because we do have larger fish to fry, like the peace with egypt and israel and we don't wwnt egypt to become syria or chaotic. still, what he did was amazing. >> she was brilliant. he negotiated this deal between israel and tomas. within 24 hours a declared himself anew that he had the united states under a barrel. >> and the imf. >> and the imf and everyone else because no one wants war in the middle east command he needs a billion and a half dollars a month. lou: the imf reminding today that the good behavior will

determine the course of $5 million tranche as they like to refer to this. let's turn to the united nations tomorrow, palestinian to limited palestinian. i love the expression. the united nations general assembly. is this the end of the palestinian-israeli conflict? a two-stage solution upon us? help us out here. >> the end of the palestinian-israeli conflict. we will never live that long. i think that this is just yet another little roadblock, and that think it is very important. because if the palestinians get this sort of karzai in the un are at least the ability to be on the international bodies, what they will do is start accusing israel of war crimes and israel will have to go before the bodies. lou: strong enough to stop this and the general assembly? >> not in the generrl assembly. lou: which means the palestinians have a significant

propaganda. >> but only propaganda. it is not significant substantively. the most important thing right now i think for the united states is to keep that man alive because he is the only alternative to high moss which does not recognize israel, which will negotiate with israel. the united states has to find some way to keep him alive politically. lou: to that end that we might expect, perhaps, the autopsy results. coincide with the declaration of statehood by the general assembly. >> it is a holy spot. the question is not if he was poisoned its you did it. you know, is real, his colleague. lou: we thank you both.

joining us tomorrow. ramping up ranking member of the banking committee. congressman devon yes, of california joins us. a member of the house financial-services committee and former verizon ceo among our guests. say with us. the president tells america again he has a mandate for higher taxes.@ the "a-team" does not necessarily agree. we will be right back.

♪ lou: rolling out the fiscal cliff could drive the country into recession, teamster president james hoffa says, so what. he thinks protecting intelligence programs is far more importance. >> we won the election command now we have to stand tall to make sure we protect the safety net medicare social security, medicaid. this is what it is all about, and we should stand tall. if we go over the fiscal cliff,

let's do it. no sense kicking the can down the line. lou: did you ever see that movie , dr. strange love and slim pickens? he gets on the bomb and they're dropping it over the soviet union. he hopped. toyota tell. anyway. we are sure union members would agree that raising middle-class taxes by $2,000 per year is not a perfect solution. also raising taxes on the top 2% covers just a little over eight days a federal government expenses, but that is okay. good news for new york city in the midst of all of this. not a single person was reported shot, stabbed or slashed. police officials said they cannot remember the last time that happened. the murder rate is been so low in new york city at the city is on track to record 00 murders this year. the fewest in half a century. a sharp contrast of the foreigners 62 murders so far in chicago. one-third the size of new york. the math is pretty straightforward. and the hits just keep coming

for the environmental protection agency. temporarily banning the oil giant from bidding on new contracts with the federal government. the epa blaring the lack of integrity and criminal proceedings against the company stemming from the 2010 deport arise in diiaster. earlier this month agreed to pay a record four and a half billion dollars to resolve a justice department criminal investigation of the gulf spill. up next, president obama is not at the negotiating table, no schedule for negotiating on the president's schedule, just about 30 days until the fiscal cliff arrives. the "a-team" is here to tell us what the president is doing. what is his real game? what is up on capitol hill? regal explain the president's strategy. twins. i didn't see them coming.

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♪ lou: well, joining us now, economist, author, a pulitzer prize-winning new york columnist, fox news contributor, and democratic strategist. the you think we're going to go over the cliff? >> absolutely not. lou: will stop at? >> one, i think the president's lead, but also the fact that you have a democratic congress -- excuse me. >> were all laughing. >> because -- >> that is effective, but congress does one thing very well which is survived. i think the idea -- a long your shelf life than nuclear waste. going over the fiscal cliff is mutual destruction that we are not prepared to do. >> the problem with that

scenario, on some level it makes sense. they're going to survive, but the reality is problems are so big and so obvious and so fundamental that you cannot just skate around the edges. that is where it becomes a serious problem. a number of leading democrats in congress. we heard earlier that the teamsters said, no compromise on anything having to do with entitlements. for republicans -- lou: can you believe a man would say that? look at the extreme republican -- look at the republican leaders in the house. >> the republicans have no for almost two years agreed to revenue increases. the democrats have never agreed to entitlement changed. lou: here is my problem. we have the same people who created this mess, the congress and the president's who are now responsible for fixing it. that does not induce me a lot. >> that is why we have a standstill. the same people.

barack obama campaigning, and a half to give him credii, campaigning and the issue, hitting home runs left and right in terms of how the provinces -- [talking over each other] >> that is, presidential leading at eight. >> don't interrupt me. >> you interrupted me. [talking over each other] >> that is what a president has to do, rally the country. we are seeing is not an insurmountable situation. you have to raise revenue ndf to cut federal spending. >> he is not prioritizing entitlement reform. he's coming to the table and saying where i stand on revenue we all need -- [talking over each other] >> is seems straightforward, obvious to everyone. the president has not chosen to enlighten the american people for three months about what actually happened to four americans when there were killed in benghazi. we have not a lot of you're around it. why has there not be the heart-to-heart speech to the american people?

give us the facts, tell us exactly what happened, who is responsible for their death, choosing not to save them and when did he sent the u.n. ambassador out to talk about something she obviously and admittedly knew nothing about. >> i don't agree with the analysis that no one chose not to save them. obviously an intelligence failure. the tragedy -- ♪ deasy el failure? >> an intelligence failure. lou: there is no question. president obama takes credit the issue of benghazi. >> the white house mistake was putting up too much information and for all the facts around. >> so when does this magic happen? >> let me answer that for a moment. you have to get the facts and have hearings and stop this partisan got the moment. it is disrespectful. lou: i have to get the facts. >> such a fool.

the thing that strikes me about the president -- lou: and other friendly "a-team." >> the president's behavior, why is he not have raised? if the intelligence community provided the raw intelligence, someone said department did not provide proper security, if things were not carried out as he gave the order on the night of the attack, why is he not have raised? [talking over each other] lou: exactly right. barack obama should be out there >> you're wrong.iority. lou: if he cares about the situation he should recognize that people deserve answers. >> you are factually wrong. [talking over each other] >> the death of four americans. [talking over each other] ashley webster. lou: leading democrat, also wants answers from this white house. and we are with you. we support you. i -- this is what we call the

conclusion of the broadcast. i have to take my leave of you. as hurtful as that is. good to see you. thank you. thank you all. well, that is it for us tonight. we thank you for being with us. join us tomorrow. we will have every bit as much fun. we hope you will be with this. good night from new york. is what drives us to broadcast the world's biggest events in 3d, or live to your seat high above the atlantic ocean.

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